HI, learning trader I have drawn support and resistance starting from a monthly timeframe.
Looking at the daily timeframe I can see price is approaching strong montly resistance and bullish momentum is decreasing as shown by a longer wick on the most recent candle
I believe this is a potential short once we get conformation.
please leave critisim
USDCAD continued to move lower as BOC raised interest rates to 1.00% seeing investors run to the Canadian Dollar.
Technically we are watching for a pullback into the lows and 38.2 fibonacci retracement before looking for a short opportunity.
- broken weekly trend line and now in a downtrend
- made a new lower high at the 50% fib level
- 4HR moving average crossover
- 3rd bounce off daily trend line
- first target 1.30 then reassess and look for a break to target 2 (D1)